The cost of launching and operating a cannabis dispensary depends on factors like location, dispensary size, and the legal processes in your state.
One of the hurdles in setting up a dispensary is the legal process. You have to comply with regulatory bodies in your state but there’s no guarantee you’ll be licensed.
Some states give licenses only to dispensaries that also grow their cannabis but other states can allow for separation of cultivation and dispensary.
Before you put your money into infrastructure make sure you understand everything the regulatory body in your state requires from you.
When you start a cannabis dispensary, it may take some time for it to be highflying, but there are certain things you can do, growth hacks, to fast-track success.
1. Perform interstate business agreements
If you are a large dispensary with a vertically integrated business model, you can give small companies in different states the right to sell products under your name. You minimize their start-up cost, but your brand covers more ground, and you increase profit. But this works if you are a company that does everything in-house. Also, ensure that you take interstate license agreements to prevent the government from frustrating you.
2. Hire top talent
When the CBS network was struggling, one of their strategies had been raiding journalists from successful media houses. It worked. You can never run a successful company unless you have excellent people around you. Now, we don’t advise that you poach talent as CBS did, but you can put more resources into fishing for upcoming talent. Of course, top talent costs more, but in the long run, it pays off a thousandfold. Your business needs to put on its “A” game. Incompetence and poor services would drive away customers.
3. Leverage the internet
The location of your dispensary can make or break you, but there’s another goldmine you need to tap into: the internet. Most Americans nowadays love the convenience of shopping online. For one, you may create a website and purpose it for your city. Customers would place orders and you look for someone to make deliveries. One of the ways to boost traffic to your website would be to perform marketing campaigns via social media or traffic networks. If you are not familiar with online marketing, hire an agency to do the heavy lifting for you. Alternatively, you may strike partnerships with influencers and pay them to vouch for your products.
Automating your processes doesn’t necessarily mean you will let go of your staff, but it allows you to cut costs and get more done. New technologies are coming up by the day. Make sure to check them out to see how they can improve your business processes. For instance, by capturing the details of your customers with software, you may update them regularly and conveniently and also extend personalized services. Automation can allow your business to operate round the clock. For instance, when you create an online sales funnel, customers get to place orders throughout the day.
It doesn’t matter that you are a pioneer, but if you get too complacent, new businesses will court your customers. To avoid this, you have to have a plan, and keep innovating. Your business should evolve through the years in all aspects. Also, come up with programs that involve your customers, so that they become emotionally attached to your business. Innovation is never carried out by a single person. Hiring top talent is essential for they always come up with forward ideas to keep your company winning.
Launching and operating a successful cannabis dispensary follows the pattern of most other businesses, but getting in now you have a massive head start, considering that more people are turning to cannabis for recreational and medical reasons, and thus a vast ready market.